if the probability of getting a 6 on a biased dice is 4/5, and you roll it 500 times, how many 6s would you expect to roll
1 answer:
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To solve this we are going to use the compound interest formula with periodic deposits: 
where
is the final amount after 
years
is the initial investment
is the periodic deposits
is the interest rate in decimal form
is the number of times the interest is compounded per year
is the time in years
Since he is going to save from 27 years old until 65 years old,
. We know that hes is opening his IRA with $0, so 
; We also know that he is going to invest $200 at the beginning of each month, so 
. To convert the interest rate to decimal form, we are going to divide it by 100: 
, and since the interest is compounded monthly, 
. Lets replace all the values in our formula to find :
We can conclude that Rick will have $157,419.04 in his IRA account by the time when he retires.
where
Since he is going to save from 27 years old until 65 years old,
We can conclude that Rick will have $157,419.04 in his IRA account by the time when he retires.
